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Stocks In Focus SG (Global Invacom, KOP, PNE Micron) – 27/06/14
Singapore’s manufacturing sector output contracted 2.5 percent year-on-year in May, the first since June 2013, contrary to the projected increase of 2.4 percent. Manufacturing sector output was pulled lower due to declines in both the electronics and biomedical manufacturing segments, with electronics production falling 7.5 per cent year-on-year. The latest figures have turned economists pessimistic about Singapore’s growth prospect not only for the second quarter but for 2014 as a whole, with many tapering expectations on economy growth in 2014 and raising concerns about the down-side risk faced by the economy.
Global Invacom Group announced that it would issue 44.6 million new shares of the company, priced at 19.75 UK pence ($0.42) each, increasing its existing share capital by 19.2 percent from 231.8 million shares to 276.4 million. The placement is done in conjunction with a listing of new shares on the Alternative Investment Market (AIM) of the London Stock Exchange, and is expected to raise a maximum of US$15 million ($18.7 million). The company foresees that the AIM listing will raise its profile internationally and help expand its operations by increasing its access to new retail and institutional investors in the U.K.
KOP has reported an 8.7 percent year-on-year increase in revenue to $6.7 million for FY14. The jump in turnover was mainly attributable to a rise in distribution sales and a growth in rental income. However, gross profits fell from $1.4 million to $0, due to the decrease in video distribution margins from 25 percent in FY13 to -27 percent in FY14, caused by a slowdown in the video distribution market in Singapore and the loss of the Disney distributorship in June 2013. Consequently, KOP’s losses widened by more than three-fold in FY14 to $5.5 million on the back of a substantial increase in administrative costs.
PNE Micron Holdings has informed of the potential acquisition of no more than 30 percent of the company’s stake by potential investors who are in late stage discussions with substantial shareholders of the company. The company wishes to advise that no definite agreement has been reached between the parties and there is no guarantee that the transaction will eventually pull through. Further announcements will be given if there are further developments.
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